When Are Letters of Administration Required?
When are letters of administration required in New York?
When somebody dies in New York without a will and owns assess that are in his name alone with no beneficiary designation.
First, letters of administration apply when somebody had no will.
If they had a will, usually what they need is probate or letters testamentary, which is basically the same process, except the person died with a will.
Next, the person had to have owned assess that were in his name alone or had no beneficiary designations.
So for example, if the person had a bank account in his name, but that bank account named his nephew or his girlfriend as a beneficiary, then that asset does not need letters of administration, but rather if you bring a death certificate to the bank, the money will go directly to the beneficiary.
The same applies for life insurance, pensions, retirement and brokerage accounts.
Hope you found this helpful. Take care now.
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